Buddy System: Accountability Can Help You Save Money

So when was the last time you called a close friend or family member when you were about to buy something you shouldn't, meaning you couldn't afford it?

Probably never, right?

And part of the reason why there are such a debt problem and the average person barely has a thousand dollars in a savings account centers on accountability and a lack of it by the would-be buyer or shopper.

As silly as it sounds, the buddy system can be more than just about staying honest about going to the gym and losing weight, for example, and also can pertain to the idea of saving money. Most individuals have buyer's remorse within 24 to 48 hours of purchase they know they shouldn't be making but do anyway.

At that point in time, once the product is already home and bought, they not only regret the purchase but even worse: they don't do anything about it. So obviously being reactive isn't the best approach so why not try being proactive with saving money and do two things to avoid impulse buying and thus wasting money: find a friend to help you on stand by and use the 24-hour rule.

The phone a friend routine works for more than the old game show "Who Wants to Be a Millionaire," and being able to have a best friend or someone on stand by every time you are about to buy something does help.

And, it works.

A lot of times, this person knows your financial situation and understands that extra spending just isn't going to work. A friend of mine relies on me for this very same thing, since he's going through a separation from his wife and lives paycheck to paycheck. He also has a hard time passing up on collectibles, so he has gotten in the habit of contacting me so that he can be "talked down" off his buying ledge.

The 24-hour rule is a practice you can incorporate on your own, but that requires the willpower to leave a store or a showroom without buying and instead opting to "sleep on it," a term that is far too popular to be used so little. This simply allows you time to talk through whether you truly need what you're about to buy or not.

Take a new car, for example. Maybe after 24 hours and allowing the new car smell to dissipate makes you realize that you can't afford the monthly payment and it's just too much car for what you need.

No matter if you have someone on standby or you're going to take time to ponder a purchase, either form of accountability is going to give you the buying power and willpower to do what is best.